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Iraqi Oil Exports Plummet Amid Vessel Shortage
3 Jun
Summary
- Shipments of Iraqi crude declined significantly due to chartering difficulties.
- State marketer SOMO experienced reduced revenue from affected exports.
- Discounts are being offered for crude loading this month.
Shipments of Iraqi crude oil have encountered significant difficulties in securing vessels, leading to a substantial drop in export volumes. This downturn has adversely affected the revenue streams of the State Oil Marketing Company (SOMO), which is responsible for marketing Iraq's oil.
As a measure to address the situation and stimulate demand, SOMO has begun offering discounts on crude oil for loading this month. Traders, such as Vitol Group, are actively engaging with customers by offering Iraqi Basrah crude, indicating a dynamic market response to the export challenges.
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